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Already bigger than many sovereign currencies, Bitcoin has broken the $1 billion in value mark this week. In the wake of continuing economic crises and liquidity shortages, this new virtual currency is poised to challenge the euro and US dollar.

By not being tied to any particular financial institution and independent from world governments, Bitcoin will become a safe haven for anyone trying to save their money from the crippled international banking system, claimed Max Keiser, the host of RT's Keiser Report.

“It is inevitable that Bitcoin will become a multi-trillion dollar enterprise because every other currency in the world is tied to dying central banks that are encumbered with impossible-to-pay debts and bankrupt counter-party risks,” Keiser said.

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For the Full Story: RT.COM http://rt.com/news/bitcoin-challenge-dollar-currency-121/

The fiscal cliff was just another scare tactic in order to extend George W. Bush's tax cuts, which were a giveaway to the rich, while also further funding the war machine. The real problem is indeed in a broke financial system rife with fraud and no consumer confidence along with  a wholly outsourced manufacturing sector-- tie all this in with mega banks who were fully recapitalized by the government bailouts, which are now too afraid or playing it too conservative when it comes to doing their job, financing American entrepreneurship.Yes, were talking about the same financial players caught neck deep in "AAA rated" sub-prime debt-- talk about an oxymoron. The problem is that the majority of lending managers are completely inept and couldn't  tell a hawk from a handsaw.

 

"Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks — tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis."

View whole article at Commondreams.org

01.08.13 - 3:59 PM

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